Insurance for a child in the UK. What do you need to know about it?

Today’s article is aimed primarily at parents :) If you have children, you know very well that illnesses and minor accidents do happen, often on a daily basis. In this post, however, we will focus on more serious situations that no one even wants to think about. If you’re wondering whether insurance for a child is worth the money spent on premiums and you’re not sure what the scope of such policies is, be sure to read this article to the end.

A Critical Illness policy can protect your child too

What actually is an insurance for a child?

In the vast majority of cases, insurance for a child is not a separate product, but rather a variant of a critical illness cover policy. The benefit rules do not vary according to age. When an accident occurs, your insurer will pay out one-off financial assistance. The policy will not protect your child from a serious illness, but it will at least make it easier for you to treat him or her.

How does a critical illness policy work?

As we have already mentioned, a critical illness policy obliges the insurer to pay a one-off benefit if, during the term of the policy, the protected person becomes seriously ill or suffers an injury. Depending on the terms of the contract, payment will be made at the time of diagnosis, when surgery is required or when the illness is of a certain severity. As with other insurances, premiums are usually paid monthly.

Remember, however, that insurance for a child will not cover every illness that your youngster may face. When buying a policy, be sure to check the coverage so that your choice is an informed one. Of course, our staff will be happy to provide you with all the information and answer any questions you may have.

How can I buy insurance for my child?

In the case of minors, it is not possible for them to be the only ones insured by a particular policy. This means that you can bundle them into your package, but such a policy will not be a separate product. However, such bundling does have some advantages. When you make a claim for your child’s benefit, this will be treated as a partial claim. Once paid out, the insurance will not lapse, and this means that if you become ill, you will also receive money, and in an amount equal to the sum insured.

It is also worth thinking about insurance for a child if you do not yet have a family but are planning to start one or to enlarge it. This is justified for two, very prosaic reasons:

• Some insurance companies do not offer extensions to existing policies to cover children, so you would have to buy a new product, which incurs additional costs

• Insurance premiums increase with age. If you are, for example, 25 you will pay less than if you are 35 (assuming your health and other factors are identical). Buying insurance that includes your child may be more beneficial than buying the same policy some time down the line.

Where to take out a policy?

Let’s look at the issue from the more “logistical” side. Where do you buy insurance for a child (or simply for critical illnesses)?

• Directly from the insurer

• With a proven broker such as Extend Finance

We strongly recommend the second option. Why? Because by working with us, you have access to a wider range of insurance products. Extend Finance is a whole-of-market broker, and this means that we have access to the offerings of many companies. At the same time, we advise our clients and treat them very individually, so the quality of service is top-notch and the insurance you buy will be the best possible fit for your needs.

Why should you add children to your policy?

The answer is very simple. Insurance for a child is as legitimate as any other policy, because you will receive a tax-free benefit in the event of serious problems. Not only will this money help you get through the difficult time, but it will also help with medical treatment when private visits to specialists are needed.

Also consider that your child’s illness could affect your work. If your child becomes ill, you may not be able to work because someone will have to look after them and visit doctors. Financial security is particularly important for the self-employed.

How will a critical illness policy for children help you?

There are a number of expenses that will be associated with your child’s illness. For example:

• Costs of travelling to specialist clinics

• Accommodation costs for the person who will accompany your child during treatment

• Adaptation of your home for your child’s treatment and comfort (for example, if they are in a wheelchair)

• Childcare costs

• Compensation for the income you will lose due to the need to care for your sick child

• Purchase of medicines, rehabilitation equipment, rehabilitation costs

Which critical illnesses are covered by insurance for a child?

The coverage of insurance policies depends on many factors and it is impossible to say in advance that the occurrence of a particular illness will result in a benefit payment. It depends on the contract you sign with your provider. For example, Zurich’s policies cover, among other things:

• Traumatic brain injury

• Terminal illness - where death is expected within 12 months

• Parkinson’s disease - resulting in permanent symptoms

• Alzheimer’s disease

• Liver and kidney failure

• Coma

• Cancers

• A number of cardiological diseases, including heart attack

• A number of surgical operations, including valve replacement

• Third-degree burns

• HIV caught from blood transfusion

• Loss of speech, hand or foot

• Organ transplantations

This is, of course, a small section of the long list of health problems that entitle you to a benefit payment. It is pointless to give the entire catalogue of illnesses, as this depends on the terms of your contract with your insurance company.

Jeśli Twoje dziecko jest teraz szczęśliwym, zdrowym niemowlakiem, to w trosce o jego dobro i bezpieczeństwo, warto je ubezpieczyć. Więcej informacji o tym ubezpieczeniu może uzyskać na stronie: Jednocześnie zachęcamy do kontaktu z naszym zespołem. Chętnie znajdziemy dobre ubezpieczenie dla dziecka, niezależnie od jego wieku i potrzeb. Pierwsza konsultacja jest darmowa i do niczego Cię nie zobowiązuje!

If your child is now a happy, healthy baby, it is well worth insuring them for their welfare and safety. You can find out more about this insurance at: What is critical illness cover? At the same time, we encourage you to contact our team. We are happy to find good insurance for a child, whatever their age and needs. The first consultation is free of charge and does not commit you to anything!

Are you interested in the topic of insurance? Read also:

• Why do I need loss of income insurance?

• What do you need to know about PMI? (private medical insurance)

• How to choose an insurance broker? 8 things you need to know